Agency
An Oklahoma licensee who facilitates a transaction as a transaction broker (non-agent) is NOT required to:
AHonestly represent the property
BExercise fiduciary duties of loyalty and confidentiality that are owed by agents; transaction brokers owe limited statutory duties but not full fiduciary representation✓ Correct
CAccount for funds
DPresent all offers
Explanation
Transaction brokers in Oklahoma provide limited facilitation services — they must be honest, account for funds, and present offers, but they do not owe the full fiduciary duties of loyalty (advocating solely for one party) and confidentiality that agents owe to clients.
Related Oklahoma Agency Questions
- Implied agency is created when:
- Under Oklahoma's brokerage relationships law, a transaction broker (non-agent facilitator) owes the parties:
- Oklahoma requires agency disclosure to be provided in which form?
- In Oklahoma, a sub-agent represents:
- Agency by ratification occurs when:
- A single broker represents both the buyer and seller in the same transaction in Oklahoma. This is known as:
- Under Oklahoma agency law, which action would constitute a breach of the duty of confidentiality?
- In Oklahoma, which of the following would terminate an agency relationship automatically?
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